November 11, 2026 by matray

ISMIE Mutual Insurance Co. is expanding its insurance portfolio into management liability coverage through a partnership with Ascendex Underwriters, a specialty managing general underwriter.

Ascendex announced Nov. 5 the launch of a management liability program for privately held companies, with coverage underwritten by ISMIE Indemnity Co., a wholly owned subsidiary of Chicago-based ISMIE Mutual. Policies will be available nationwide through wholesale brokers, with effective dates beginning Dec. 1.

The program offers directors and officers liability, employment practices liability, fiduciary liability and crime coverage on a primary or excess basis, although crime coverage is available only on a primary basis.

Eligible businesses may have up to $1 billion in assets or revenue or up to 1,000 employees. Coverage limits range from $1 million to $5 million in the aggregate, with standalone and shared-limit options.

John Passaro, executive vice president and head of management liability at Ascendex, will lead the practice. Passaro has more than 35 years of experience in management and professional liability underwriting and distribution. He is based in the New York City area and is joined by Shane Dantuono in Dallas.

Steven Schafer, vice president of product diversification at ISMIE Mutual, said the insurer had been seeking a partner to enter the management liability market for several years.

"The Ascendex management team has profound underwriting expertise both from the carrier and MGA desks," Schafer said. "They have ample resources, a strong distribution network and a proven program management discipline."